Indian Overseas Bank SBS NAGAR Ludhiana Website: www.iob.in Phone:0161-2564006 E Mail: iob2663@iob.in DATE: 03.12.2018 NOTICE OF SALE OF IMMOVABLE SECURED ASSETS Issued under Rule 8(5) and 9(1) of the Security Interest (Enforcement) Rules 2002 To, 1. M/s Meenu Iron sales co - Borrower through its Prop B xxx -921 Main Road Near Swaran Palace Sherpur chowk Ludhiana (Punjab) - 141016 2. Mr Sayyed Jawwad Ahmad- Prop &Mortgagor GURANTOR 1. Mrs Nighat Ahmed w/o Mr Sayyed Jawwad Ahmad 2. Mr Makhan lal 118/64/65 Street no 3 New Azad nagar Ludhiana Dear Madam/sir, 1. This has reference to recovery actions initiated against you under the provisions of the SARFAESI Act 2002. 2. Please refer to the possession notice dated 28.09.2018 issued to you regarding taking possession of the secured assets at morefully described in the schedule below and the publication of the said possession notice in Hindustan Times (daily) and Punjabi Suraj(daily) on 30.09.2018 by the undersigned for the purpose of realization of the
secured assets in exercise of the powers conferred on the bank as Secured Creditor under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 and the Rules there under. 3. You the above named borrowers / mortgagors / guarantors have failed to pay the dues in full save and except payments amounting to Rs 16,18,476.04 (Rupees Sixteen lacs eight thousand four hundred seventy six and paise four only. Hence it is proposed to sell the secured assets mentioned in the Schedule below on as is where is and as it is what is condition under Sec 13(4) of the Act read with Rules 8 & 9 of the Security Interest (Enforcement) Rules, 2002. 4. The dues in the loan account as on 30.11.2018 is Rs 17,29,867.04 (Rupees seventeen lac twenty nine thousand eight hundred sixty seven and paise four only) along with further interest at contractual rates and rests, besides costs / charges incurred till the date of repayment in full. 5. We hereby give you notice of 30 days that the below mentioned secured assets shall be sold by the undersigned on 09.1.2019 between 10.00 AM and 12.00 PM hours with auto extension of 5 minutes through e-auction using https://bankauctions.in/iob.foreclosureindia.com (Web portal). 6. A copy of the E-auction notice inviting offers for e-auction setting out the terms & conditions of sale such as particulars of the secured asset, the dues of the Bank, reserve price, earnest money deposit, date and time fixed for inspection, last date for submission of offers and date, time of sale etc is enclosed for your ready information. Please also be advised that the said sale notice will also be published in Hindustan Times (daily) and JAGBANI (daily) shortly. A copy of the proposed paper publication is also enclosed. SCHEDULE OF SECURED ASSETS All Part and Parcel of Property of Measuring 44 sq yards Situated at 33 Fit Road Giaspura Ludhiana, Wasika no 565 dated 8.12.2008. On East by- STREET 20.00 On West by- Neighbour 20..00 On North by- Neighbour 20.00 On South by- STREET 20.00 Your Faithfully Authorised officer Encl: copy of sale notice to be published in newspaper 1. Proposed paper publication of E-auction notice
INDIAN OVERSEAS BANK SBS NAGAR PAKHOWAL ROAD Branch LUDHIANA Phone No: 0161-2564006 Email iob2663@iob.in E-AUCTION SALE NOTICE Date: 03.12.2018 SALE OF IMMOVABLE PROPERTY MORTGAGED TO THE BANK UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 Whereas M/s.Meenu Iron sales co B XXX -921 MAIN ROAD NEAR SWARAN PALACE SHERPUR CHOWK LUDHINA (Punjab) - has borrowed monies from Indian Overseas Bank, CIVIL LINES LUDHIANA against the mortgage of the immovable properties more fully described in the schedule hereunder and on upon classification of the account as NPA, the Bank has issued a demand notice under Section 13(2) of the SARFAESI Act, 2002 (Act) on 26.06.2018 calling upon the borrower Prop of M/S MEENU IRON SALES CO Mr Sayyad Jawwad Ahmed and Gurantor Mrs Nighat Ahmad w/o Syyes jawwad Ahmad and Mr makhan lal to pay amount due to the Bank, being Rs 16,18,476.04 (Rupees sixteen lac eighteen thousand four hundred seventy six and paise four only) with further interest w.e.f 06.06.2018 at contractual rate and rest alongwith cost, charges etc till date of repayment within 60 days from the date of receipt of the said notice. Whereas the borrowers & guarantor having failed to pay the amount dues in full to the Bank as called for in the said demand notice, the Bank has taken possession of the secured assets more fully described in the schedule hereunder on 28.09.2018 under Section 13 (4) of the Act with the right to sell the same in As is where is and As is what is basis under Section 13(4) of the act read with Rules 8 &9 of the security interest (Enforcement) Rules, 2002 for realization of Bank s dues. The dues to the bank as on the date of taking possession was intimated as Rs 16,71,494/04 (Rupees sixteen lac seventy thousand four hundred ninty four and paise four only) as on 28.09.2018 and interest etc thereon after 28.09.2018 till date of repayment, after reckoning repayment, if any, since mentioned in the demand notice. The dues of the borrower as on 30.11.2018 works out to Rs Rs 17,29,867.04 (Rupees Seventeen lac twenty nine thousand eight hundred sixty seven and paise four only) subsequent to the Bank issuing demand notice. The undersigned in exercise of the powers conferred under sec 13(4) of the said Act proposes to realize the Bank s dues by sale of the under mentioned properties. Name of the Borrower M/S Meenu IRON SALES CO (Prop)- Mr Sayyed jawwad Ahmad Schedule of the Property Description of the property All Part and Parcel of Property of Measuring 45 sq yards situated at H no 29/212/27/16A STREET NO 2 Swami vivekanand nagar 33 ft Road Giaspura ludhiana 141016, Wasika no 565 dated 08.012.2008 in the name of Sayyed jawwad Ahmad
Prop and mortgager On East by- Street 20.00 On West by- Neighbour 20.00 On North by- Neighbour 20.00 On South by- Street 20.00 The details of E-Auction are as follow: Particulars Date and Time of E- 09.01.2019 between 10.00 a.m To 12.00 p.m with auto extension of five Auction minutes each till sale is completed. Reserve Price S.NO. Property Description Minimum Reserve Price Fixed (Rs.in Lac) Mr Sayyed Jawwad Ahmad Vasika no 565 dated 08.12.2008 19.08 On East by- STREET 20.00 On West by- Neighbour 20..00 On North by- Neighbour 20.00 On South by- STREET 20.00 Earnest Deposit Money S.NO. Property Description Minimum Reserve Price Fixed (Rs.in Lac) 1. All Part and Parcel of Property of Measuring 44 sq yards situated at Vasika no 565 dated 08.12.200 8 in the Earnest Money Deposit (Rs.in Lac) 19.08 1.91
name of Sayyad Jawad Ahmad On East by- Street 20.00 On West by- Neighbour 20.00 On North by- 20.00 On South by- 20.00 Neighbour Street EMD Remittance Bid Multiplier Inspection of property Submission of online application for bid with EMD Last date for submission of online application for BID with EMD Known Encumbrance if any *Outstanding dues Rs. of local self Government (Property Tax, water sewerage, Electricity bills etc) TOTAL Deposit through EFT/NEFT/ RTGS Transfer in favour of IOB E-AUCTION EMD Account to the credit of A/C no. 26630113301010, Indian overseas bank, sbs nagarbranch, Ludhiana Branch Code- 2663 IFSC Code: IOBA0002663 Rs. 50,000/- (Fifty Thousand Only)the amount in multiples of which the bid is to be increased 15.12.2018 between 10.00 am to 4.00 p.m. with prior approval of Authorized officer. 05.12.2018 onwards from 10.00 a.m. 04.01.2018 till 4.00 p.m. (atleast Four days before the date of sale) Not known Not known *Bank s dues have priority over the statutory dues. Terms and Conditions of E-Auctions: 1. The properties will be sold by e-auction through the Bank s approved service provider M/S 4Closure under the supervision of the Authorized officer of the Bank. 2. E-auction BID document containing online e-auction bid form, declaration, general terms and conditions of online auction sale are available in M/S 4Closure website https://bankauctions.in/iob.foreclosureindia.com
3. Intending bidders shall hold a valid digital signature certificate and email address and should register their name/ account by login to the website of the aforesaid service provider. They will be provided with user id and password by the aforesaid service provider which should be used in the e-auction proceedings. For details with regard to digital signature, please contact the service provider at below mentioned address/phone no/e-mail - M/S.4Closure +91-8142000809/8142000067,040-23836405. Email: (vikas@bankauctions.in,raja@bankauctions.in) 4. Bids in the prescribed formats shall be submitted online through the portal https://bankauctions.in/iob.foreclosureindia.com alongwith the EMD & scanned copy of KYC documents including photo, PAN Card & address proof to the service provider and the Authorised officer before 4.00 p.m 21.12.2018. 5. The EMD and other deposits shall be remitted through EFT / NEFT / RTGS to the Bank account as specified above and the amount of EMD paid by the interested bidder shall carry no interest. The amount of EMD paid by the successful bidder shall be adjusted towards the sale price. 6. Bid form without EMD shall be rejected summarily. 7. Online auction sale will start automatically on and at the time as mentioned above. Auction/bidding will initially be for a period of Five Minutes with auto extension time of five Minutes each till the sale is concluded. 8. The property shall be sold to the highest bidder. The successful bidder (purchaser) as declared by the authorized officer shall deposit 25% of the sale price (lncluding the EMD) immediately on the same day and not later than the next working day. The balance amount of sale price shall be paid within 15 days from the date of confirmation of auction sale. Failure to remit the entire amount of sale price within the stipulated period will result in forfeiture of deposit of 25% of the tender price to the secured creditor and forfeiture of all claims over the property and it will be resold. 9. The sale certificate will be issued in the name of the purchaser only, after payment of the entire sale price amount and other taxes/charges, if any. 10. The purchaser shall bear the charges / fee payable for conveyance such as registration fee, stamp duty, etc., as applicable as per law. 11. The Authorized Officer has the absolute right to accept or reject the bid or postpone or cancel the sale, as the case may be without assigning any reason whatsoever. 12. The property is being sold on as is where basis and as is what is basis. The bank has disclosed only the known encumbrance, statutory liabilities, if any, as above and it is for the purchaser to make their own independent enquiries at their own cost before participating in the auction. 13. As regards statutory dues stated above, Bank dues will have priority over statutory dues. Without prejudice to the above, statutory liability, if any shall be borne by the purchaser and the Bank assumes no responsibility in this regard. 14. Sale is subject to confirmation by the secured creditor. 15. EMD of unsuccessful bidders will be returned through EFT / NEFT / RTGS to the bank account details provided by them in the bid form and intimated via their e mail id. 16. The e-auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation by the bank. The Authorised officer/secured creditor shall not responsible in any way for any third party claim/ rights/dues. 17. *In compliance with section 194 IA of the Income tax Act,1961 income tax @ 1% on reserve price shall be deducted and paid under the PAN number of the purchaser. Since the Tax has been calculated only on the reserve price, the bidder shall bear the 1% income tax on the bid multiplier amount and the Bank shall not take any responsibility for the same.
*In case of any sale/ transfer of immovable property of Rupees Fifty lakhs and above, the transferee has to pay an amount equal to 1% of the consideration as income tax. For further details regarding inspection of property / e-auction, the intending bidders may contact the Branch Manager Mobile No- 98148 99451, Indian Overseas Bank, SBS Nagar Branch,LUDHIANA City, during office hours or the Bank s approved service provider M/S. 4Closure+91-8142000809/8142000067, 040-23836405. Email: (vikas@bankauctions.in,raja@bankauctions.in) Authorized Officer PLACE: LUDHIANA